Critical Illness Insurance: Here’s Help When You Get Sick
Cancer, the need for an organ transplant or a debilitating stroke... These are just some of the critical illnesses that we dread. What happens, then, when you get diagnosed with a critical illness?
Well, if you are covered with critical Illness Insurance, you can expect a lump sum when you are diagnosed with a critical illness that is included in the policy’s list. This lump sum is usually equivalent to a selected face amount and is paid to you, the person insured, and not to your beneficiaries.
This means that you have the freedom and flexibility to spend the lump sum however you like. Although it is aimed primarily at helping you with your medical expenses, the money is really at your disposal.
Waiting Period
For the lump sum to be payable, the insured has to survive a waiting period, usually 30 days. The critical illness that the insured is diagnosed with should fall within the definition of the policy for it to be payable. The critical illness insurance will also pay if the insured becomes totally and permanently disabled and has to survive the waiting period. In this case, the waiting period is usually three to six months.
Payment Details
Please take note that for this critical illness policy, the payment is made only once. When there is a payment provided either for a critical illness or total disability, the coverage will end. No more payments will be given.
Covered Critical Illnesses
Critical illness insurance usually covers the following critical illnesses:
- Alzheimer’s disease (for those under 60 years old and should cause permanent symptoms)
- Heart attack or heart disease requiring aorta graft surgery, coronary artery by-pass grafts or heart valve repair or replacement
- Benign brain tumour
- Blindness or deafness that is total and irreversible
- Cancer (for advanced cases, other cancers are also excluded)
- Coma
- HIV
- Kidney failure (requiring dialysis)
- Loss of one or more limbs or paralysis thereof
- Loss of speech that is total and irreversible
- Major organ transplant
- Motor Neurone Disease
- Multiple Sclerosis
- Parkinson’s disease (occurring before age 60)
- Stroke
- Third degree burns (for at least 20% of the surface area of the body)
- Traumatic head injury
Please note that policies may differ in the critical illness covered. It is best to check your policy to see what it specifically includes.
Recommended useful information to read:
- Are you at risk? Critical Illnesses you may be susceptible to
- Things to consider before getting a critical illness insurance policy
- What you should know about Your Critical Illness Cover: The exclusions to your policy
- Save Up on Premiums: factors that affect Your Critical Illness Insurance premiums
- Dos and Don’ts When Making Critical Illness Insurance Claims
